The Bud Light-transgender debacle is apparently continuing to take a toll on the brand after a report found that it had slipped from second place to third place among beers.

Bud Light was the focus of a national boycott after a transgender activist announced a partnership with the brand to celebrate the activist's "100 days of girlhood" campaign on social media.

'I'm not someone who holds a f**king grudge his whole life.'

The brand had previously been at the top slot before the boycott eroded its market share. Last year, Modelo Especial eclipsed Bud Light and remains at the top, but second place has now been claimed by Michelob Ultra, according to the latest report.

Both Bud Light and Michelob Ultra are brewed by Anheuser-Busch, whose stock has lost about 10% of market value since the transgender controversy.

An Anheuser-Busch spokesperson said only that “millions of consumers choose Bud Light every day” in response to the report and added that Bud Light “will always be a mainstay of our iconic portfolio.”

Some of those who were most critical of Bud Light eventually abandoned the boycott. Kid Rock, who amplified the boycott by shooting cases of Budweiser with a gun, later said that he supported the brand after realizing how many American jobs were in the balance.

"I'm not someone who holds a f***ing grudge his whole life," said the musician.

Joe Rogan also defended Bud Light while drinking the beer with a guest on his popular podcast show in April 2023.

In February, the brand hired comedian Shane Gillis as a spokesperson to help regain its consumer base.

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